In fiscal year 2014, the Department of Transportation (DOT) obligated $2 billion on contracts. DOT’s contracting officers (CO) are responsible for awarding and managing a significant portfolio of contracts.
Each year, the Federal Aviation Administration (FAA) distributes more than $3 billion in Federal grants for airport projects.
The Volpe National Transportation Center uses its 5-year, $234-million Transportation Information Project Support (V-TRIPS) contract to provide information technology support services.
Contract closeout is an important contract administration procedure that involves verifying that goods and services were provided as intended, validating final costs and payments, and freeing excess funds for possible use elsewhere.